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Russian Cement-Maker Faces Loss Of Assets In Uzbekistan

Russia's cement-producing giant Eurocement is facing the loss of its facility in Uzbekistan in a nationalization drive by the Central Asian country.

An Uzbek economic court in Tashkent has annuled Eurocement's 2006 acquisition of Uzbekistan's biggest cement producer, Akhangarancement, which could lead to the cement-making facility's nationalization.

Uzbek media reports on July 22 said the Uzbek State Competition Committee filed a lawsuit last week against Eurocement's purchase of Akhangarancement.

The Tashkent court ruling on July 21 paves the way for the plant that Eurocement bought 75 percent of eight years ago to be nationalized.

Sources close to Eurocement told RIA Novosti News Agency in Russia on July 22 that the court ruling will be appealed.

With reporting by RIA Novosti